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accounting standard

   Also found in: Legal, Financial, Acronyms, Wikipedia 0.01 sec.
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Noun1.accounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactionsaccounting standard - a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions
principle - a rule or standard especially of good behavior; "a man of principle"; "he will not violate his principles"
GAAP, generally accepted accounting principles - a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures


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Financial Accounting Standards Board [FASB] has been working with London's International Accounting Standards Board [IASB] since 2002 toward what accounting professionals call convergence.
Sir David Tweedie, chairman of the International Accounting Standards Board, will discuss the main issues while Gerald Edwards, senior adviser on accounting and auditing policy at the Bank of International Settlements and a member of the Financial Stability Forum, will report on efforts to ensure better valuation standards.
Securities and Exchange Commission has for many years been a strong leader in international efforts to develop a core set of accounting standards that could serve as a framework for financial reporting in cross-border offerings.
 
 
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